Attached files
file | filename |
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8-K/A - 8-K/A - PACWEST BANCORP | a15-9616_18ka.htm |
EX-99.2 - EX-99.2 - PACWEST BANCORP | a15-9616_1ex99d2.htm |
EXHIBIT 99.1
CapitalSource Inc.
Consolidated Statements of Operations and Comprehensive Income
(Unaudited)
|
|
For the Three Months Ended March 31, |
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|
|
2014 |
|
2013 |
| ||
|
|
($ in thousands, except per share data) |
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Net interest income: |
|
|
|
|
| ||
Interest income: |
|
|
|
|
| ||
Loans and leases |
|
$ |
101,836 |
|
$ |
102,889 |
|
Investment securities |
|
5,595 |
|
9,893 |
| ||
Other |
|
576 |
|
313 |
| ||
Total interest income |
|
108,007 |
|
113,095 |
| ||
Interest expense: |
|
|
|
|
| ||
Deposits |
|
13,683 |
|
12,106 |
| ||
Borrowings |
|
4,954 |
|
6,057 |
| ||
Total interest expense |
|
18,637 |
|
18,163 |
| ||
Net interest income |
|
89,370 |
|
94,932 |
| ||
Provision for loan and lease losses |
|
(1,657 |
) |
12,505 |
| ||
Net interest income after provision for loan and lease losses |
|
91,027 |
|
82,427 |
| ||
|
|
|
|
|
| ||
Non-interest income: |
|
|
|
|
| ||
Loan fees |
|
2,364 |
|
3,112 |
| ||
Leased equipment income |
|
6,181 |
|
4,825 |
| ||
Gain (loss) on investments, net |
|
(7,063 |
) |
1,878 |
| ||
Gain on derivatives |
|
1,499 |
|
814 |
| ||
Other non-interest income, net |
|
1,732 |
|
2,589 |
| ||
Total non-interest income |
|
4,713 |
|
13,218 |
| ||
|
|
|
|
|
| ||
Non-interest expenses: |
|
|
|
|
| ||
Compensation and benefits |
|
23,489 |
|
24,982 |
| ||
Professional fees |
|
1,473 |
|
1,468 |
| ||
Occupancy expenses |
|
5,538 |
|
4,215 |
| ||
FDIC fees and assessments |
|
983 |
|
1,554 |
| ||
General depreciation and amortization |
|
1,550 |
|
1,526 |
| ||
Loan servicing expense |
|
599 |
|
1,469 |
| ||
Other administrative expenses |
|
6,897 |
|
6,810 |
| ||
Total operating expenses |
|
40,529 |
|
42,024 |
| ||
Leased equipment depreciation |
|
4,244 |
|
3,400 |
| ||
Net expense of real estate owned and other foreclosed assets |
|
3,894 |
|
(62 |
) | ||
Other non-interest expense, net |
|
466 |
|
(707 |
) | ||
Total non-interest expenses |
|
49,133 |
|
44,655 |
| ||
|
|
|
|
|
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Net income before income taxes |
|
46,607 |
|
50,990 |
| ||
Income tax expense (benefit) |
|
23,104 |
|
21,642 |
| ||
Net income |
|
23,503 |
|
29,348 |
| ||
|
|
|
|
|
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Other comprehensive (loss) income, net of tax |
|
|
|
|
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Unrealized (loss) gain on available-for-sale securities, net of tax |
|
2,039 |
|
(1,629 |
) | ||
Other comprehensive (loss) income |
|
2,039 |
|
(1,629 |
) | ||
Comprehensive income |
|
$ |
25,542 |
|
$ |
27,719 |
|
|
|
|
|
|
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Net income per share: |
|
|
|
|
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Basic |
|
$ |
0.12 |
|
$ |
0.15 |
|
Diluted |
|
$ |
0.12 |
|
$ |
0.14 |
|
Average shares outstanding: |
|
|
|
|
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Basic |
|
194,415,939 |
|
201,408,526 |
| ||
Diluted |
|
199,433,816 |
|
206,240,213 |
| ||
|
|
|
|
|
| ||
Dividends declared per share |
|
$ |
0.01 |
|
$ |
0.01 |
|
CapitalSource Inc.
Consolidated Statements of Cash Flows
(Unaudited)
|
|
For the Three Months Ended March 31, |
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|
|
2014 |
|
2013 |
| ||
|
|
($ in thousands, except per share data) |
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Operating activities: |
|
|
|
|
| ||
Net income |
|
$ |
23,503 |
|
$ |
29,348 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
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Stock option expense |
|
436 |
|
540 |
| ||
Restricted stock expense |
|
2,770 |
|
2,530 |
| ||
Amortization of deferred loan fees and discounts |
|
(5,438 |
) |
(8,614 |
) | ||
Paid-in-kind interest on loans |
|
(61 |
) |
5,273 |
| ||
(Negative provision) provision for loan and lease losses |
|
(1,657 |
) |
12,505 |
| ||
Amortization of deferred financing fees and discounts |
|
93 |
|
533 |
| ||
Depreciation and amortization |
|
6,132 |
|
4,334 |
| ||
Loss (gain) on foreclosed assets and other property and equipment disposals |
|
3,387 |
|
(467 |
) | ||
Provision for deferred income taxes |
|
16,017 |
|
17,699 |
| ||
Loss (gain) on investments, net |
|
7,176 |
|
(922 |
) | ||
Unrealized loss (gain) on derivatives and foreign currencies, net |
|
383 |
|
(634 |
) | ||
Decrease in interest receivable |
|
1,035 |
|
2,225 |
| ||
Decrease (increase) in loans held-for-sale, net |
|
|
|
(2,591 |
) | ||
Decrease in other assets |
|
6,810 |
|
9,630 |
| ||
Decrease in other liabilities |
|
(22,925 |
) |
(12,981 |
) | ||
Cash provided by operating activities |
|
37,661 |
|
58,408 |
| ||
Investing activities: |
|
|
|
|
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Decrease (increase) in restricted cash |
|
46,289 |
|
(424 |
) | ||
Increase in loans, net |
|
(246,776 |
) |
(41,349 |
) | ||
Sale of investment securities, available for sale |
|
45,187 |
|
103,568 |
| ||
Sale or call of investment securities, held to maturity |
|
25 |
|
28,653 |
| ||
Purchase of investment securities, held to maturity |
|
|
|
(22,868 |
) | ||
Reduction of other investments, net |
|
4,222 |
|
734 |
| ||
Acquisition of property and equipment, net |
|
(24,031 |
) |
(8,217 |
) | ||
Cash (used in) provided by investing activities |
|
(175,084 |
) |
60,097 |
| ||
Financing activities: |
|
|
|
|
| ||
Deposits accepted, net of repayments |
|
102,256 |
|
153,680 |
| ||
Proceeds of other borrowings |
|
90,000 |
|
5,000 |
| ||
Repayments and extinguishment of term debt |
|
|
|
(103,035 |
) | ||
Repurchase of common stock |
|
|
|
(137,988 |
) | ||
Proceeds from exercise of options |
|
6,253 |
|
1,565 |
| ||
Payment of dividends |
|
(1,943 |
) |
(1,980 |
) | ||
Cash provided by (used in) financing activities |
|
196,566 |
|
(82,758 |
) | ||
Increase in cash and cash equivalents |
|
59,143 |
|
35,747 |
| ||
Cash and cash equivalents as of beginning of period |
|
455,799 |
|
299,086 |
| ||
Cash and cash equivalents as of end of period |
|
$ |
514,942 |
|
$ |
334,833 |
|
|
|
|
|
|
| ||
Noncash transactions from investing activities: |
|
|
|
|
| ||
Assets acquired through foreclosure |
|
$ |
34 |
|
$ |
728 |
|